Group Health Insurance for the Self-Employed
Finding affordable health insurance for the self employed can be very challenging. In an effort to meet the needs of the sole proprietor, some insurance carriers have come out with their own versions of what they think sole proprietors are looking for in a health insurance plan. At first glance these health plans can look enticing to the self employed individual who is searching for affordable health insurance.
However, when taking a closer look, these plans are mediocre at best. They tend to be expensive, have limited health care benefits and one of the biggest draw backs of these “sole prop” plans is that they come with high deductibles. This is not what many self employed individuals have in mind when it comes to finding affordable health care coverage for themselves and their families.
So what’s a small business owner supposed to do? Here’s a tip that we’ve been using at our company for many years to help self employed business owners qualify for group health insurance rates.
Simply put your spouse or a family member on payroll. You can pay them minimum wage and for as little as 20 hours per week. What this strategy does for you is this; you now have 2 people working for your company. You can still file your schedule C as a sole proprietor like you always have and your spouse or family member will receive a paycheck every 2 weeks or so. Now because you have 2 people working at your company, presto, you qualify for group health insurance! You will have unlimited possibilities of health insurance plans available to you.
Once you find the health insurance plan that fits your needs, all you need to do is apply. Your spouse or family member simply “waives” his or her coverage. You now have group health insurance coverage that will save you plenty of money and provide you with the great benefits that you’ve been looking for.
This really works and it’s perfectly legitimate. Call us if you would like see how it can work for you.